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'Suffering' PM Group may face an MBO
Page 19
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DELAYED GOVERNMENT guidance could lead to a management buyout at Bradford-based vehicle weighing systems company PM Group.
Chief executive Geoff Mountain explains: "The company is suffering due to the current uncertainty over plans to make people pay for the weight of rubbish [as recommended by the Institute for Public Policy Research in August]. We are waiting for the government to give people the proper guidance.
"Also, the company is undergoing some restructuring, and as an effect of Euro-4 implementation we are experiencing a lack of chassis."
PM Group has issued a profits warning, saying that it is unlikely to meet the market's forecast profits for the year ending 30 June 2007 As a result the firm's non-executive directors have begun a strategic review which could include a sale or management buyout.
PM Group, which recorded record profits and turnover at the end of 2005, produces systems such as Waste Weigh and Bulk Weigh. These use on-board weighing systems and microchips to monitor commercial and household disposal, paving the way for utility bills based on what people recycle or dump.